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Inflated figures


CharlieBrown
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  • 2 weeks later...

On the subject of inflated figures. In this week's Indy (P3) new figures from Cabinet Office which now refute last year's figures of a net cost of the TT/FOM of @ £1M.

The events now bring over £31M to the economy apparently. And the 61k visitors to both events actually spend the same as 98k visitors. Although resident spending is impossible to quantify (Eddie).

Remarkably, the events also directly support 815 jobs.

All of whom presumably work in Cabinet Office and/or DfE.

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43 minutes ago, Declan said:

Presumably there is a press release or government report that includes that information, can anyone find a link?

Now headlining on iomtoday too, sorry can't link.

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9 minutes ago, piebaps said:

Thanks. It's all a bit think of a number, double it, add five  ...

"Based on studies undertaken in the UK into the link between tourism expenditure and job creation, to which Isle of Man data shows a similar trend, it is estimated that for every £54,000 of tourism spend a job is created. On this basis, the TT and FOM spend of £44m could be supporting up to 815 jobs in the Island’s economy. Based on the average salaries, income tax and national insurance payments, these jobs result in £5.4m in wages, and contribute around  £1.06m to the Government through taxation (£307,000 in Income Tax and £755,000 in National Insurance)."

815 people in 4 weeks earn £5.4m?  

 

 

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1 hour ago, Declan said:

Thanks. It's all a bit think of a number, double it, add five  ...

"Based on studies undertaken in the UK into the link between tourism expenditure and job creation, to which Isle of Man data shows a similar trend, it is estimated that for every £54,000 of tourism spend a job is created. On this basis, the TT and FOM spend of £44m could be supporting up to 815 jobs in the Island’s economy. Based on the average salaries, income tax and national insurance payments, these jobs result in £5.4m in wages, and contribute around  £1.06m to the Government through taxation (£307,000 in Income Tax and £755,000 in National Insurance)."

815 people in 4 weeks earn £5.4m?  

 

 

Even then, the £44m quoted includes cost of travel, so I find it hard to believe that every £54k spent on air travel or petrol for travel or (untaxed) home-stay fees in the UK to and from the boat creates a job in the Isle of Man. 

Edited by Declan
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This £31m or £44m generated for the economy, Government receives hardly any of that, recover some through VAT but the rest doesn’t help our economy at all. Companies don’t pay TAX on the income,  It gives some more cash in their pocket but it is not taxed and the likelihood most is then spent off island. 

Its all a load of horseshit. 

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3 hours ago, Gizo said:

This £31m or £44m generated for the economy, Government receives hardly any of that, recover some through VAT but the rest doesn’t help our economy at all. Companies don’t pay TAX on the income,  It gives some more cash in their pocket but it is not taxed and the likelihood most is then spent off island. 

Its all a load of horseshit. 

So people who work in tourism don't pay income tax or VAT on purchases? 

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1 hour ago, Max Power said:

So people who work in tourism don't pay income tax or VAT on purchases? 

I would say that most don’t, no.Lots of the spend is with off island firms or cash in hand stuff like food and clothing 

I have never believed the figures anyway for what is spent here

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1 hour ago, dilligaf said:

I would say that most don’t, no.Lots of the spend is with off island firms or cash in hand stuff like food and clothing 

I have never believed the figures anyway for what is spent here

They are on a par with the annual average earnings announcement.

 

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49 minutes ago, PmJ said:
2 hours ago, dilligaf said:

I would say that most don’t, no.Lots of the spend is with off island firms or cash in hand stuff like food and clothing 

I have never believed the figures anyway for what is spent here

They are on a par with the annual average earnings announcement.

What was it Disraeli said, "Three kinds of lies. Lies, damned lies and statistics", or something like that.

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